Day to Day working
Day to Day working
Once the groundwork is established, the Outsourced Legal Cashiering may commence following the roles and responsibilities identified.
• You will be assigned a named cashier, supervisor, escalation procedures and absence cover arrangements
• Receipt/payment chits will be completed by the Legal practice and forwarded to Ascentant for processing
• Chits with supporting documentation maybe scanned and stored on a local drive or other shared workspace such as GoogleDrive, emailed directly to their cashier or sent by post. Ascentant are currently developing an E-Chit system or App.
• Cashiers then undertake all aspects of cashiering once daily chits are completed for full accounts handling. Supported by read-only access to relevant bank accounts, the cashiers are able to log and reconcile transactions, with bank statements submitted to you by post, fax or they’re scanned and emailed.
• The service includes regular legal cashier-generated reports indicating your account status and highlighting anomalies or late arrival of money for remedial action. You’re notified of potential and actual accounts breaches which your cashier will discuss and rectify with you, keeping your financial status above board.
• The whole operation is closely monitored by a qualified legal accounts management team for guaranteed accuracy and improved operational control.
• The service allows you to concentrate on fee earning work without the cost, supervision or loss of time of hiring a cashier direct.
• Once all transactions are sent to Ascentant, the cashier posts these entries, meaning that at any point, fee earners can produce detailed management reports, billing guides etc
• You avoid all the problems with holidays, sickness etc which can beset small firms.
• Monthly management reporting can be arranged with bespoke reporting and management accounts
Workflows will be bespoke to each client, but an example is as follows:
Regular communication is maintained with Legal Practices to ensure that their needs are being met and Regulatory compliance is being met.